Increase in Life Sales to Younger PeopleBy Andrew Rickard | July 16 2015 01:02PM
In the United States there was a 2% increase in life insurance sales last month. While previous months have seen more activity in older age groups, applications for those between the ages of 0 to 44 were up by almost 5% during the second quarter of 2015.
According to the Medical Information Bureau (MIB) Life Index, which measures application activity for individually underwritten life insurance in the US, the demand for life insurance increased by 2% across all age groups in June, year over year. Numbers have been up for 2015 as a whole, with year-to-date (YTD) life insurance application activity up by 2.1% compared to the same period in 2014. The MIB points out that life insurance applications for those between the ages of 0 and 44 outpaced all other age groups in the second quarter, up by 4.7%. Applications for those aged 45 to 59 were flat at 0.2%, while those for people over age 60 were up by 1% in the quarter.
While YTD applications for those aged 45 to 59 increased by just 0.6%, activity for both the 0 to 44 and over 60 demographics increased by 2.7% and 2.5% respectively; "If this trend sustains, growth in younger age life insurance activity could surpass older age applicants in 2015 — a welcomed hand-off for the industry," says the MIB.